What's Happening?
CNBC Select has reviewed over 30 mortgage lenders to identify the best options for self-employed borrowers seeking non-qualifying mortgages (non-QM). These loans, which do not conform to the Consumer Financial Protection Bureau's strict criteria, offer more flexible income and credit requirements. The review highlights lenders like CrossCountry Mortgage, First National Bank of America, and Guild Mortgage, which provide various non-QM loan options tailored to the needs of self-employed individuals.
Why It's Important?
The availability of non-QM loans is crucial for self-employed individuals who often face challenges in securing traditional mortgages due to irregular income documentation. These loans provide an opportunity for freelancers, gig workers, and small business owners to access home financing. The review by CNBC Select offers valuable insights into the best lenders and loan options, helping self-employed borrowers make informed decisions. This focus on non-QM loans reflects a growing recognition of the diverse financial needs of the self-employed workforce.
What's Next?
Self-employed borrowers should explore the various non-QM loan options available and consider factors such as interest rates, down payment requirements, and loan terms. Lenders are expected to continue expanding their offerings to cater to the unique needs of self-employed individuals. As the gig economy grows, the demand for flexible mortgage solutions is likely to increase, prompting further innovation in the mortgage industry.
